Analysis of 10-K Filing Dates & Auditor Opinion Date
By using data retrieved from MyLogIQ, we were able to compile this analysis about filing dates for annual reports with a perspective on auditor opinion date, for all public companies. This study is based on annual reports as filed in the year 2015 for FYE in 2014. We will publish updates to this report when the annual reports for the majority of the companies FYE 2015 are filed in 2016.
Summary of Findings:
• Average number of days it takes a Large accelerator to file 10-K: 55 days
• Average number of days it takes an auditor to sign off (based on audit opinion date) for large accelerated filer: 55 days
• 16% of Large companies have their FYE outside of December, yet the average number of days to file (54) is only one day less.
• Fastest filing for FYE Dec. 31, 2015 is 27 days after FYE by filer United Rentals, Inc. (Ticker: URI) and filer Schlumberger, Ltd. (Ticker: SLB), while it was 21 days for FYE Dec 31, 2014. Which was also filed by United Rentals, Inc. (TICKER: URI).
• Within 30 Days after a Dec. 31st FYE, 7 companies filed their 10-K in 2016 vs 8 for FYE 2014.
• Auditors sometimes make mistakes and send in the auditor’s report signed before the FYE of the registrant.
• Majority of the Non-Accelerated filers don’t file their XBRL along with their 10-K (in html).
Overall picture of Annual report filing for all public companies:
On average it took Large Accelerated Filer companies 55 days from the fiscal year end to the audit opinion date, coinciding exactly with the average days it took Large Accelerated Filer companies to file their 10-Ks. We see this pattern continue with the other filers as well in the following table.
No. of Days Between 2014 FYE and Opinion Date
(days taken to file 10-K with the SEC)
|
Large Accelerated Filers
|
Accelerated Filers |
Non-Accelerated Filers |
Smaller Reporting Companies |
55 (55) |
69 (69) |
73 (75) |
97 (99) |
Only 16% of Large Accelerated Filer companies don’t have their fiscal year end date fall in December. On average, it confirms auditors need 54-55 days to review a company’s annual financials (LAF). It raises the question, how are some giants like Schlumberger, Netflix, Amazon and Facebook getting their financials audited and filed within 30 days?
Filer Status
|
No. of Companies
(in %) |
Average No. Of Days It Takes to Publish 10-K
(FYE = Dec) |
No. of Companies
(in %) |
Average No. Of Days It Takes to Publish 10-K
(FYE ≠ Dec) |
Large Accelerated Filers
|
84% |
55 |
16% |
54 |
Accelerated Filers
|
80% |
68 |
20% |
73
|
Non-Accelerated Filers |
89% |
78 |
11% |
81
|
Smaller Reporting Companies |
66% |
96 |
34% |
105
|
Detailed Analysis by Filer Status
Large Accelerated Filer:
For FYE 2014, on average it took all Large Accelerated Filer companies 55 days to publish their annual reports, regardless. Although the fiscal year end date for all of these companies vary and are spread throughout the year, 84% of them have a fiscal year end of December 31st, making it an extremely busy season for both companies and auditors. While the SEC gives Large Accelerated Filers 60 days past their fiscal year end to publish their annual reports, there are some overachievers who managed to do it in 30 days or less.
No. of Large Accelerated Filer Companies who filed within 30 days whose Fiscal Year Ends on Dec. 31, 2014 = 8
No. of Large Accelerated Filer Companies who filed within 30 days whose Fiscal Year Ends on Dec. 31, 2015 = 7
The following table shows all of the Large Accelerated Filer companies with FYE December 31st in 2014 and in 2015 who filed in half the time (30 days) of the 60-day SEC filing deadline:
Fastest Large Accelerated Filer Companies Filing 10-K Whose Fiscal Year Ends on December 31st
|
2014
|
2015
|
Company
|
Days to File |
Company |
Days to File
|
UNITED RENTALS INC /DE
|
21 |
SCHLUMBERGER LTD /NV/ |
27 |
MDC HOLDINGS INC
|
28 |
UNITED RENTALS INC /DE |
27
|
SCHLUMBERGER LTD /NV/
|
29 |
FACEBOOK INC |
28
|
NETFLIX INC
|
29 |
NETFLIX INC |
28
|
FACEBOOK INC |
29 |
AMAZON COM INC |
29
|
BROADCOM CORP
|
29 |
CAMERON INTERNATIONAL CORP |
29
|
AMAZON COM INC
|
30 |
KANSAS CITY SOUTHERN |
29
|
KANSAS CITY SOUTHERN
|
30
|
|
Accelerated Filers:
For FYE 2014, on average it took all Accelerated Filer companies 69 days to publish their annual reports. While the SEC gives Accelerated Filers 75 days past their fiscal year end to publish their annual reports, there are some overachievers who manage to do it in half the time.
No. of Accelerated Filer Companies who filed within 38 days whose Fiscal Year Ends on Dec. 31, 2014 = 6
No. of Accelerated Filer Companies who filed within 38 days whose Fiscal Year Ends on Dec. 31, 2015 = 5
The following table shows all of the Large Accelerated Filer companies with FYE December 31st in 2014 and in 2015 who filed in half the time (38 days) of the 75-day SEC filing deadline:
Fastest Accelerated Filer Companies in Filing 10-K Whose Fiscal Year Ends on December 31st
|
2014
|
2015
|
Company
|
Days to File |
Company |
Days to File
|
FLOTEK INDUSTRIES INC/CN/
|
27 |
WL ROSS HOLDING CORP. |
14
|
UNITIL CORP
|
28 |
VASCULAR SOLUTIONS, INC |
22
|
VASCULAR SOLUTIONS INC
|
34 |
FLOTEK INDUSTRIES INC/CN/ |
27
|
CAMBREX CORP
|
37 |
UNITIL CORP |
28
|
22nd CENTURY GROUP, INC
|
37 |
HAWAIIAN HOLDINGS, INC |
39
|
FREESCALE SEMICONDUCTOR, LTD
|
37
|
|
|
Non- Accelerated Filers:
For FYE 2014, on average it took all Non-Accelerated Filer companies 75 days to publish their annual reports. While the SEC gives Non-Accelerated Filers 90 days past their fiscal year end to publish their annual reports, there are some overachievers who manage to do it in 45 days or less.
No. of Non-Accelerated Filer Companies who filed within 45 days whose Fiscal Year Ends on Dec. 31, 2014 = 20
No. of Non-Accelerated Filer Companies who filed within 45 days whose Fiscal Year Ends on Dec. 31, 2015 = 6 (As of Feb. 10, 2016)
The following table shows all of the Large Accelerated Filer companies with FYE December 31st in 2014 and in 2015 who filed in half the time (45 days) of the 90-day SEC filing deadline:
Fastest Non-Accelerated Filer Companies in Filing 10-K Whose Fiscal Year Ends on December 31st
|
2014
|
2015
|
Company
|
Days to File |
Company |
Days to File
|
KANSAS CITY SOUTHER DE MEXICO, S.A. DE C.V.
|
30 |
PACE HOLDINGS CORP |
26
|
GENERAL MOTORS FINANCIAL COMPANY, INC
|
35 |
MEDICAL INFORMATION TECHNOLOGY, INC |
29
|
BIOMED REALTY L.P.
|
37 |
GENERAL MOTORS FINANCIAL COMPANY, INC |
34
|
PACIFIC GAS & ELECTRIC Co
|
41 |
CNX COAL RESOURCES LP |
36
|
HIGHWOODS REALTY LTD PARTNERSHIP
|
41 |
NBCUNIVERSAL MEDIA, LLC |
36
|
KILROY REALTY, L.P.
|
41 |
HIGHWOODS REALTY LTD PARTNERSHIPS |
40
|
OWENS-ILLINOIS GROUP INC
|
41
|
|
CARETRUST REIT, INC
|
42
|
|
ALLIANCEBERNSTEIN L.P.
|
43
|
|
TOBIRA THERAPEUTICS, INC
|
43 |
|
BALTIMORE GAS & ELECTRIC CO
|
44 |
|
COMMONWEALTH EDISON CO |
44
|
|
DTE ELECTRIC CO |
44
|
|
FORD MOTOR CREDIT CO LLC
|
44 |
|
PECO ENERGY CO
|
44 |
|
UNION CARBIDE CORP /NEW/
|
44
|
|
MLM INDEX FUND |
44
|
|
EXELON GENERATION CO LLC |
44
|
|
TROPICANA LAS VEGAS HOTEL & CASINO, INC
|
44 |
|
IMS HEALTH HOLDINGS, INC |
44
|
|
Smaller Reporting Companies:
For FYE 2014, on average it took all Smaller reporting companies 99 days to publish their annual reports, regardless. While the SEC gives Large small reporting Filers 90 days past their fiscal year end to publish their annual reports, there are some overachievers who manage to do it in 45 days or less.
No. of Smaller Reporting Companies who filed within 45 days whose Fiscal Year Ends on Dec. 31, 2014 = 18
No. of Smaller Reporting Companies who filed within 45 days whose Fiscal Year Ends on Dec. 31, 2015 = 12 (As of Feb. 10, 2016)
The following table shows all of the Smaller Reporting companies with FYE December 31st in 2014 and in 2015 who filed in half the time (45 days) of the 90-day SEC filing deadline:
Fastest Smaller Reporting Companies in Filing 10-K Whose Fiscal Year Ends on December 31st
|
2014 |
2015
|
Company
|
Days to File |
Company |
Days to File
|
DIEGO PELLICER WORLDWIDE, INC
|
28 |
DUTCH OVEN GOLD GROUP, INC |
27
|
COMSTOCK MINING, INC
|
29 |
RAMPART STUDIOS, INC |
27
|
INFINITY ENERGY RESOURCES, INC
|
35 |
COMSTOCK MINING, INC |
28
|
ELECTRONIC SYSTEMS TECHNOLOGY INC
|
37 |
ANDES 9, INC |
32
|
BOSTON OMAHA Corp
|
37 |
ANDES 8, INC |
32 |
FUTURE HEALTH CARE OF AMERICA
|
37 |
HEADGEPATH PHARMACEUTICAL, INC |
32
|
INUVO, INC |
40 |
ANDES 7, INC |
32
|
CORBUS PHARMACEUTICALS HOLDINGS, INC
|
41 |
YANGTZE RIVER DEVELOPMENT, LTD |
33
|
SCI ENGINEERED MATERIALS, INC |
42 |
PARAGON REAL ESTATE EQUITY & INVESTMENT TRUST |
36
|
PARAGON REAL ESTATE EQUITY & INVESTMENT TRUST
|
42 |
LABSTYLE INNOVATIONS CORP |
39
|
AKARI THERAPEUTICS PLC
|
42 |
SCI ENGINEERED MATERIAL, INC |
40
|
GLOBAL SEAFOOD HOLDINGS CORP
|
43 |
TRANSACT ENERGY CORP |
40
|
RVUE HOLDINGS, INC.
|
43 |
|
MEDIZONE INTERNATIONAL INC |
44
|
|
HEDGEPATH PHARMACEUTICALS, INC
|
44 |
|
PROTEA BIOSCIENCES GROUP, INC |
44
|
|
SEMLER SCIENTIFIC, INC
|
44 |
|
TRIUMPH VENTURES CORP |
44
|
|
Curious Public Accountant Errors:
We never thought we would find auditors making a mistake on their opinion date, but the table below shows the companies whose auditors signed off on their reports prior to the FYE. Are the auditors thinking ahead?
The following table lists the companies whose auditor reports are dated before their fiscal year end, in 2015:
Company |
Filer Status |
Auditor |
FYE |
Opinion date
|
CALAVO GROWERS, INC.
|
Large Accelerrated |
ERNST & YOUNG LLP |
10/31/2015 |
1/30/2015
|
CHINA YCT INTERNATIONAL GROUP, INC.
|
Smaller Reporting Company |
PARITZ & COMPANY PA |
3/31/2015 |
7/9/2014
|
REGI U S INC
|
Smaller Reporting Company |
MALONEBAILEY LLP |
4/30/2015 |
7/28/2014
|
TARSIER LTD. |
Smaller Reporting Company |
KCCW ACCOUNTANCY CORP |
5/31/2015 |
9/15/2014
|
VERITEC INC
|
Smaller Reporting Company |
WEINBERG & COMPANY, P.A. |
6/30/2015 |
1/21/2015
|
PETRICHOR CORP.
|
Smaller Reporting Company |
KLJ & ASSOCIATES, LLP |
5/31/2015 |
8/20/2014
|
CODE NAVY
|
Smaller Reporting Company |
YU CERTIFIED PUBLIC ACCOUNTANT, P.C. |
6/30/2015 |
12/11/2014
|
PEAK PHARMACEUTICALS, INC.
|
Smaller Reporting Company |
EIDE BAILLY LLP |
9/30/2015 |
1/12/2015
|
AXIOM HOLDINGS, INC.
|
Smaller Reporting Company |
SADLER, GIBB AND ASSOCIATES, LLC |
9/30/2015 |
1/20/2015
|
INTERUPS, INC.
|
Smaller Reporting Company |
SADLER, GIBB AND ASSOCIATES, LLC |
5/31/2015 |
1/20/2015
|
Other Observations:
Another observation we have made was the number of companies who filed their XBRL on the same day as their HTML in 2014. The following table shows the number of companies who filed their XBRL and HTML on the same day based on the filer status.
Was the XBRL & HTML filed on the same day?
|
Filer Status
|
Large Accelerated Filers
|
Accelerated Filers |
Non-Accelerated Filers |
Smaller Reporting Companies
|
Yes
|
1811 |
1321 |
741 |
2684
|
No
|
18 |
42 |
591 |
171
|
Future Study & Follow-Up:
After completion of period end, during the month of March 2016, MyLogIQ, LLC will be releasing a study of earnings releases.